G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Trading Idea of the Day
ASX:WOW - Woolworths Group Ltd - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
Company is a food/groceries company and the overall business is super strong and generally tends to weather a recessionary environment quite well due to its pricing power, ability to pass on costs to customers.
Blue chip company with large market capitalisation.
The stock offers a great technical setup on a weekly chart, playing the range and nearing the bottom of that range, great risk to reward for any bullish traders/investors, with potential capital growth.
Company also pays a relatively stable/decent dividend of around 2.5%
ASX & Economic Key Events
ASX Key Events Calendar (TODAY)
Economic Key Events (TODAY)
Economic Key Events (YESTERDAY)
OPTO For Investors Research
Article of the Day: Cathie Wood buys 185,000 Robinhood shares
Podcast of the Day: Doomberg on Nord Stream sabotage and monetary mayhem
APAC Daily Report
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
Market Snapshot & Highlights as of 7:30am AEDT
EXPECTATIONS: Energy HIGHER (higher oil prices) & Materials LOWER on overall higher base metal prices.
Global Markets Headlines
Dow closes 500 points lower, Nasdaq sheds 3% as Fed’s Powell signals intent to continue hiking rates (CNBC)
Fed approves 0.75-point hike to take rates to highest since 2008 and hints at change in policy ahead (CNBC)
Shares of Airbnb tumble 13% on low fourth-quarter guidance (CNBC)
10-year Treasury yield turns higher after Fed’s Powell says rates will go higher than expected (CNBC)
Shipping firm Maersk, a barometer for global trade, warns of ‘dark clouds on the horizon’ (CNBC)
Bank of England set for biggest rate hike in 33 years, but economists expect dovish tilt (CNBC)
Private payrolls rose 239,000 in October, better than expected, while wages increased 7.7%, ADP says (CNBC)
Major banks are bullish on Hong Kong’s economy and China growth prospects (CNBC)
Goldman Sachs expects European gas prices to tumble 30% in the coming months (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.
